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ARTICLE · 08 NOVEMBER 2023

EB Flash: IRS Raises Retirement Savings Limits For 2024

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The IRS today issued annual guidance that adjusts for inflation the dollar limitation amounts for 401(k) plans, pension plans and other retirement provisions for 2024.

United StatesEmployment and HR
Patrick J. Holten
Patrick J. Holten

The IRS today issued annual guidance that adjusts for inflation the dollar limitation amounts for 401(k) plans, pension plans and other retirement provisions for 2024.

As provided in Notice 2023-75, the contribution limit for employees who participate in 401(k) and similar defined contribution plans will increase from $22,500 to $23,000. The catch-up contribution for those 50 or older for these types of plans remains at $7,500 in 2024.

The contribution limit for IRAs will increase by $500 to $7,000. "The IRA catch up contribution limit for individuals aged 50 and over was amended under the SECURE 2.0 Act of 2022 (SECURE 2.0) to include an annual cost of living adjustment but remains $1,000 for 2024," the IRS explains. The agency notes the following phase-out ranges for IRAs:

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